Fortinet (FTNT.US) Q4 surpasses expectations, anticipates revenue to reach up to $6.85B in 2025.

Fortinet (FTNT.US) reported better-than-expected Q4 results and full-year guidance, driving the stock up more than 6% after hours as of writing.

The company reported adjusted EPS of 68 cents, up 33% YoY, topping analyst estimates of 61 cents. Revenue rose 17% YoY to $1.66 billion, topping analyst estimates of $1.595 billion.

Billings, a measure of sales growth, was $2.0 billion, up 7% YoY. Total deferred revenue was $3.36 billion as of December 31, 2024, up 10.9% from $3.74 billion as of December 31, 2023.

Full-year 2024 revenue was $5.96 billion, up 12.3% YoY, and billings were $6.53 billion, up 2.1% YoY. Adjusted EPS was $2.26.

Fortinet expects revenue in 2025 to be between $6.65 billion and $6.85 billion, topping analyst estimates of $6.62 billion. Billings are expected to be about $7.3 billion, in line with expectations. Non-GAAP diluted net income per share is expected to be between $2.41 and $2.47.

For the first quarter, the company expects revenue to be between $1.5 billion and $1.56 billion, and billings to be between $1.52 billion and $1.6 billion. Non-GAAP diluted net income per share is expected to be between 52 cents and 54 cents.

Fortinet founder, chairman, and CEO Ken Xie said, "We continue to execute our strategy, investing in high-growth unified SASE and security operations while solidifying our position in the security networking market. Our customers are increasingly recognizing the benefits of adopting a single vendor SASE solution, and we expect to be a leader in this area as we are the only company that has developed all SASE functions locally in the FortiOS unified operating system, which seamlessly integrates network and security functions."